\begin{table}[tbp] \centering
\newcolumntype{C}{>{\centering\arraybackslash}X}

\caption{Balance Table.} \medskip \label{tab:balance}
\begin{tabularx}{0.87\textwidth}{lcccc}

\toprule
& \multicolumn{4}{c}{Coefficient of:} \tabularnewline
{}&{Average}&{Droughts}&{Agri Committee}&{Observation} \tabularnewline & {(1)} & {(2)} & {(3)} & {(4)} \tabularnewline
\midrule \addlinespace[\belowrulesep]
Democratic share 1896–1928&49.450&2.232$^{**}$&0.461&3022 \tabularnewline
&&[0.868]&[0.868]& \tabularnewline
WWI volunteering rate&0.354&--0.030$^{***}$&--0.010&3022 \tabularnewline
&&[0.012]&[0.012]& \tabularnewline
WWI awards per capita&0.057&0.004&0.003&3022 \tabularnewline
&&[0.011]&[0.011]& \tabularnewline
log 1930 population&9.828&--0.092&--0.195$^{***}$&3022 \tabularnewline
&&[0.188]&[0.188]& \tabularnewline
1930 unemployment rate&0.059&--0.002&--0.003&3022 \tabularnewline
&&[0.007]&[0.007]& \tabularnewline
1930 urban status&0.547&--0.023&--0.039$^{*}$&3022 \tabularnewline
&&[0.000]&[0.000]& \tabularnewline
1930 share of men&0.517&0.001&0.003$^{**}$&3022 \tabularnewline
&&[0.003]&[0.003]& \tabularnewline
1930 share of blacks&0.112&0.008&--0.017&3022 \tabularnewline
&&[0.023]&[0.023]& \tabularnewline
1929 farm income (i.h.s.)&3.096&--0.078&--0.033&3022 \tabularnewline
&&[0.191]&[0.191]& \tabularnewline
1930 farm share&0.493&0.025$^{**}$&0.021&3022 \tabularnewline
&&[0.032]&[0.032]& \tabularnewline
1930 share of Japanese&0.001&0.000&0.000&3022 \tabularnewline
&&[0.000]&[0.000]& \tabularnewline
1930 share of Germans&0.044&0.000&--0.000&3022 \tabularnewline
&&[0.014]&[0.014]& \tabularnewline
1930 share of Italians&0.009&0.001&--0.002$^{***}$&3022 \tabularnewline
&&[0.007]&[0.007]& \tabularnewline
1930 share of veterans&0.115&0.001&0.001&3022 \tabularnewline
&&[0.007]&[0.007]& \tabularnewline
log 1939 average wage&6.415&--0.004&0.004&3022 \tabularnewline
&&[0.066]&[0.066]& \tabularnewline
War contracts per capita (i.h.s.)&0.318&--0.014&--0.036&3022 \tabularnewline
&&[0.183]&[0.183]& \tabularnewline
\bottomrule \addlinespace[\belowrulesep]

\end{tabularx}
\begin{flushleft}
\footnotesize \footnotesize \noindent \textit{Notes: } Balance table for the two instruments. Col 1: average of the variable listed on the left. Cols 2--3: each row reports the coefficients of separate regressions of the variable listed on the left on summer months of drought in 1933–40 and tenure in the Agricultural committee during the 73\textsuperscript{rd} Congress (both i.h.s.) and a full set of 48 state fixed effects. Standard errors clustered at climatic division level in brackets. *** p<0.01, ** p<0.05, * p<0.1.
\end{flushleft}
\end{table}
